Please consider the first post Beatles release "McCartney". Wouldn't this tune sit well on that offering? Don't it sound like a completed song where most of that record sounds forced or like plumbing?
I bring this up because the guy does not get credit for pioneering the Indie. That first record defined the independent sound we now accept as main stream and "Maybe I'm Amazed" and post Beatles hype sold that record, not the approach on the production of the recording.

I always felt that "the Beatles got out of it just in time." They knew when to quit. First, they realized that they were no longer a touring band – and, that they didn’t have to be. Then, when they had constructed a few more pure-studio records that were also selling well, they realized that they didn’t have to do “The Beatles” anymore. They had already amassed a vast catalog that would continue to sell forever (and they owned the rights to most but not all of it). So, they could take the same advanced studio-production techniques which they had developed with The Beatles to create new and more diverse offerings under their own names, without impacting The Beatles products. (The “new sounds” probably caused the “old sounds” to sell even better.) Overall, I think that they were better than many other bands in working the industry to their own advantage.

Well I was more impressed because of the great young musical talent rather than any thought about the songwriter was McCartney who used to be a Beatle. After the age of hip hop, rap, trance, etc. I am encouraged that there are at least a few young singers and bands out there that are playing and singing their own music, as well as doing covers of great old songs. The Other Favorites and Josh Turner in his solo efforts (he is the one with dark hair playing the guitar), the Mona Lisa Twins, and many others I am sure are shining a light on You Tube for others to follow.

I agree the reading of this McMac tune is effective. It would be honest to say the band played the song in their style. A cover in the modern sense, but not a cover in the sense that Brian Wilson or say Hendrix covered something. That kind of cover means things like reinterpretation of the source material, and rearrangement of the tune.
Covers are a necessary and important part of music and have been a contentious issue here at MJ since the beginning.
This particular tune is important because of the history associated with it's appearance on Mac's Ram lp. It doesn't fit on the record in a sense but fits on some of his other recordings perfectly.
Because it is on the record Mac forced the envelop of what could, and should be done with the LP as an art form. The Indie, and by extension all of us, owe a great deal to Mac, who in general gets hammered in the post Beatles era as being self absorbed and trite.
See Neil Young's comments as he inducted Mac into the R&R hall of fame for additional context into Mac's place in the history of the Indie movement.